Orascom launches ADRs for US investors
Cairo, December 22, 2010
Orascom Construction Industries (OCI), Egypt's biggest listed firm, said it has launched an American Depository Receipt (ADR) programme to meet growing demand in the United States.
OCI, which is already listed in Cairo and London, launched its ADRs with one ADR representing one ordinary share to trade on the over-the-counter market with the Reuters Instrument Code (RIC).
The building and fertiliser giant said in a statement its launch does not coincide with a capital increase or an offering of new shares.
"We have chosen to establish a US over-the-counter traded DR programme to meet the growing demand by US domiciled investors for a dollar-denominated security trading in their time zone," said Nassef Sawiris, OCI's chief executive.
OCI posted a 22 per cent rise in third-quarter net profit in November, on higher fertiliser prices and a pick-up in construction activity.
BNY Mellon is the depositary bank. It also established OCI's global depository receipt programme (GDR) in London.-Reuters